Fitaihi Holding Group Co. turned to a net profit of SAR 4.1 million for the first nine months of 2023, against a net loss of SAR 3.9 million a year earlier.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 44.08 | 35.65 | (19.1 %) |
| Gross Income | 15.36 | 15.89 | 3.4 % |
| Operating Income | (2.94) | (4.02) | (36.9 %) |
| Net Income | (3.93) | 4.05 | 203.0 % |
| Average Shares | 275.00 | 275.00 | - |
| EPS (Riyals) | (0.01) | 0.01 | 203.0 % |
The positive performance was primarily driven by a higher profit share from an associate company’s business worth SAR 4.4 million during the current nine-month period, compared to SAR 13.8 million losses in the year before. This is besides realizing profits from fair value through statement of income (FVSI) investment through profit or loss, and a year-on-year (YoY) increase in gross sales profit.
This was partially offset by an 11.1% YoY uptick in selling, distribution, administrative, general and other expenses to SAR 20 million by the end of the first nine months of 2023.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 7.98 | 6.95 | (12.9 %) |
| Gross Income | 3.94 | 2.92 | (26.0 %) |
| Operating Income | (1.96) | (3.44) | (75.4 %) |
| Net Income | (20.77) | (2.43) | 88.3 % |
| Average Shares | 275.00 | 275.00 | - |
| EPS (Riyals) | (0.08) | (0.01) | 88.3 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 10.44 | 6.95 | (33.5 %) |
| Gross Income | 4.59 | 2.92 | (36.4 %) |
| Operating Income | (2.04) | (3.44) | (68.8 %) |
| Net Income | 0.85 | (2.43) | (385.3 %) |
| Average Shares | 275.00 | 275.00 | - |
| EPS (Riyals) | 0.00 | (0.01) | (385.3 %) |
The company narrowed its losses to SAR 2.4 million in Q3 2023, from SAR 20.8 million in Q3 2022.
Sequentially, Fitaihi turned to losses against a profit of SAR 850,000 in Q2 2023.
Shareholders’ equity, no minority interest, climbed to SAR 462.21 million as of Sept. 30, 2023, from SAR 444.02 million a year earlier.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}